I just made a similar post in a different topic about online love, but here's my answer:
I've been very interested in what exactly it is that makes people love another person. It seems pheromones have something to do with it somewhere in the brain but it isn't really clear yet what triggers it. Sufficed to say it makes you feel really great whenever you're with that person, because you like what you see (every flaw that person might have is turned into a positive), you like what you hear (everything that person says to you is awesome), you like what you smell (people in love nearly always think the other smells better than average!), and you like what you touch (no comment). Whenever you're not with this person, you want to be with this person because he/she makes you feel great. This is basically the 'love' we're talking about in the teenage years and when people talk about love they usually mean this experience.
As to why a particular person? It seems to be more of a reaction, with being yourself the key to unlock it. If you hang out with a certain person and it's fun while you can be yourself, you will probably want to meet up again with that person (date again) and so on. If it keeps getting more fun, and a mutual attraction and passion is growing, then soon enough there will be a romantic relationship.
Love is, however, broader than simply an attraction to someone. There is also love in a way that with this particular person you can see a bright future, whatever that may be. The passion described above is not relevant for whether you want to have a future with this particular person. There is also a friendly love, the kind parents have for their for children for example. Parents love their children, but they don't want sex with their children. If you find someone for which you feel passion, friendly love & a bright future then people speak of 'true love', because it should fulfil every desire in a relationship.
Most people at 16 didn't have the experience of 'true love' yet, mostly because most 16 year olds aren't concerned with their life in 10 years or so. There's absolutely nothing wrong with this, it's actually a good thing because this way you can enjoy your present life a lot more, but most (there are exceptions) relationships in your teens are simply passion. This comes and goes and that's why a lot of people have many boyfriends & girlfriends in their teens.
what is love? Is it a sexualised friendship; a deep emotional dependence on another person to the point where it aches to think of them leaving for any period of time; a mutual respect that exists independent of lust, but normally accompanies it?
To answer your question directly: I think you're pretty accurate, but I just wanted to add you can still truly love someone while still being able to let them go once in a while, like if you marry someone who's in the military. Mutual respect (friendship part) and lust (passion) should definitely be part of it, although the former is more important than the latter in the later stages, since passion usually fades but the mutual respect keeps people together for a long time
Bottom Line: If you feel you love someone, then go for it. There is no and there will never be an exact definition, so with regard to love - do whatever feels right and makes you happy :]